Press Release on issuance of Circular No.34/2015/TT-NHNN
The Governor of the State Bank of Vietnam (SBV) issued Circular No. 34/2015/TT-NHNN on December 31, 2015 on providing services of foreign currency receiving and payment.
The Circular includes operations of direct receiving and payment of foreign currencies, agent for receiving and paying foreign currencies of credit institutions, foreign bank branches and economic institutions as follows:
1. In regard to the approving authority for providing services of foreign currency receiving and payment:
- The SBV issues document on approval (and documents on changing, revising, extending and revoking) on direct receiving and payment of foreign currencies. The SBV issues document on approval (and documents on changing, revising, extending and revoking) on registering agent of receiving and paying foreign currencies for VNPost.
- The SBV municipal and provincial branches issues approval document (and documents on changing, revising, extending and revoking) on direct receiving and payment of foreign currencies; approval document (including documents on changing, revising, extending and revoking) on registering agent of receiving and paying foreign currencies for credit institutions and economic institutions at their locations.
- Credit institutions with license of providing services of foreign currency receiving and payment (including direct receiving and payment of foreign currencies; license of acting as agent of receiving and paying foreign currencies) are not required to submit requesting dossiers for SBV’s approval in line with the Circular.
2. Economic institutions directly receiving and paying foreign currencies are required to open one specific account for each type of foreign currencies at a licensed commercial bank, foreign bank branches. The substances of foreign currency receiving and payment account are stipulated in the Circular.
3. The Circular stipulates conditions, orders and procedures of approval (and changes, revision, extension and revoking) of registering agents of receiving and paying foreign currencies; approval (and changes, revision, extension and revoking) of direct receiving and payment of foreign currencies of credit institutions and economic institutions.
4. The Circular stipulates responsibilities of institutions authorized by agents and economic institutions of directly receiving and paying foreign currencies; credit institutions and economic acting as agent of receiving and paying foreign currencies, and the SBV in the implementation of the Circular.
The Circular will take effect from March 1, 2016.
Translated by DH